The Middle East and Africa polyethylene terephthalate (PET) resin market size was valued at USD XX billion in 2022 and is likely to reach USD XX billion by 2031, expanding at a CAGR of 4.5% during 2023 – 2031. Growth of the market is attributed to rising demand for product recycling.
Polyethylene terephthalate also known as PET, PETE, or the obsolete PETP or PET-P, is the most common thermoplastic polymer resin of the polyester family and is used in clothing fibers, containers for liquids & foods, thermoforming for manufacturing, and engineering resins in combination with glass fiber. The majority of the world's PET production (more than 60%) is of synthetic fibers, with bottle production accounting for about 30% of global demand.
PET is commonly referred by its common name, polyester, in the context of textile applications, whereas the acronym PET is commonly used in the context of packaging. Polyester accounts for approximately 18% of global polymer production and is the fourth most abundant polymer after polyethylene (PE), polypropylene (PP), and polyvinyl chloride (PVC). PET is widely recycled, and its resin identification code is "1." (RIC). Polyethylene terephthalate can exist as an amorphous (transparent) or semi-crystalline polymer depending on its processing and thermal history.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing usage of bio based PET goods is anticipated to boost the market.
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Rising demand for product recycling has fueled the market.
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High labor cost and taxes are expected to hinder the market growth.
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Development of bio-based PET product is anticipated to create immense opportunities for the market players.
Scope of the Report
The report on the Middle East and Africa polyethylene terephthalate (PET) resin market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Bottles, Films & Sheets, and Other Product Types
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Geographical Scope
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Saudi Arabia, South Africa, United Arab Emirates, Qatar, and Rest of Middle-East and Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SABIC, Indorama Ventures Public Company Limited, Equate Petrochemical Company, and BASF SE
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Market Segment Insights:
The bottles segment is projected to expand at a rapid pace
Based on types, the Middle-East and Africa polyethylene terephthalate (PET) resin market is segregated into bottles, films & sheets, and others. The bottles segment is projected to hold major market share. Plastic bottles are made of high-density or low-density plastic. Bottle sizes range from tiny to large carboys.
The food and beverage segment is anticipated to expand during the forecast period
On the basis of applications, the Middle-East and Africa polyethylene terephthalate (PET) resin market is segregated into food & beverage, automotive, electrical & electronics, healthcare, consumer goods, and others. The food & beverages segment is projected to expand at a rapid pace during forecast period. PET is a plastic material that is increasingly being used for packaging in the food and beverage industries. PET has largely replaced glass in food packaging sector due to its light weight, ease of transport, and shatterproof properties. PET is a strong, inert material that does not react with food. Bottled water, milk, juice, and carbonated drink bottles, ketchup, jars for butter, mayonnaise, pickles, jam, and other condiments, sandwich boxes, tubs and food containers are common applications of PET in the food and beverage industry.
The market in Saudi Arabia is projected to hold a major market share
In terms of geography, the Middle-East and Africa polyethylene terephthalate (PET) resin market is classified as Saudi Arabia, South Africa, United Arab Emirates, Qatar, and Rest of Middle-East and Africa. Saudi Arabia is estimated to dominate the market. As an oil-producing economy, the country's interest in other industries was limited from the start. However, with the rise of non-OPEC countries around the world, and high volatility of crude oil prices, Saudi Arabia decided to expand its portfolio to help the economy grow more steadily.
However, in order to make it a diversified economy that is not dependent on oil the government is reforming economic policies in its 10th development plan, with investments in various sectors, and is attempting to attract private investment in the country. In the last ten years, the Saudi food manufacturing and processing sector has expanded rapidly. The increasing healthcare expenditure in the country, along with the privatization of several public hospitals, is expected to drive the demand for healthcare equipment in the country.
Segments
Types
- Bottles
- Films & Sheets
- Others
Applications
- Food & Beverage
- Automotive
- Electrical & Electronics
- Healthcare
- Consumer Goods
- Others
Geography
- Saudi Arabia
- South Africa
- United Arab Emirates
- Qatar
- Rest of Middle-East and Africa
Key Players
- SABIC
- Indorama Ventures Public Company Limited
- Equate Petrochemical Company
- BASF SE
Competitive Landscape
The major players in the residential Middle-East and Africa polyethylene terephthalate (PET) resin market include SABIC, Indorama Ventures Public Company Limited, Equate Petrochemical Company, and BASF SE.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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